That POV.1 looks like a really nice high-end system, I'm sure you're gonna have a lot of fun with it! I was also looking for an action camera, but that one was a little much for me. For cheapskates and poor people, I would recommend the GoPro Digital Hero camera. Check out the sample videos:

It's a cheesy little camera with lots of limitations but also some nice features.

Good Stuff:
Camera is tiny.
Fully automatic, only two buttons.
Waterproof and shock resistant (good for diving).
Many mounting options (but the bike mount is not available yet!).
30 fps, 512x384 video.
Supports up to 2 GB SD card, for 55 minutes of video.
3 MP still camera.

Special still modes:

Three shot mode (press shutter once, takes three shots).

Time-lapse mode (takes a shot every 5 seconds until card is full).

Cheesiness:
Camera feels cheap and fragile outside the waterproof case.
Works best in bright daylight.
Mic doesn't pick up much sound when it's in the case.
No LCD to review your images/videos!
Make sure your NiMH batteries are fully charged, to fill a 2 GB card.
Still image quality is mediocre.

Good company too; they actually contacted me to tell me that the mic on my camera was bad (too noisy) and told me to send it in for replacement.